U.S. Treasury sanctions Iranian exchange BitBank, accusing it of transferring IRGC hundreds of millions of USD Bitcoin

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【U.S. Treasury sanctions Iranian exchange BitBank: hundreds of millions of USD Bitcoin transferred to IRGC】

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Tehran-based cryptocurrency exchange BitBank, saying that the platform transferred hundreds of millions of IRGC Bitcoin to Iran’s Islamic Revolutionary Guard Corps (USD).OFAC said that BitBank is controlled by Iranian financier Babak Zanjani, who was designated this January and used the platform to conduct transfers between June and July. The designation was made pursuant to Executive Order No. 13902. The sanctions also cover BitBank software developer Pishtaz Simorgh, its parent company Dot One, and three executives. U.S. Treasury Secretary Scott Bessent said that using cryptocurrency to finance the Iranian regime does not fall outside the jurisdiction of OFAC.OFAC also said that Hormuz Safe, an organization selling safe passage through the Strait of Hormuz, had received payments transferred through BitBank since June, and that the organization was sanctioned on July.OFAC did not disclose the relevant wallet addresses.

Key points

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Tehran-based cryptocurrency exchange BitBank.
OFAC said that BitBank transferred hundreds of millions of Bitcoin to Iran’s Islamic Revolutionary Guard Corps (IRGC).USD Bitcoin.
OFAC said that BitBank is controlled by Iranian financier Babak Zanjani, who was designated this January.
Babak Zanjani used BitBank to conduct transfers between June and July.
The designation was made pursuant to Executive Order No. 13902.
The sanctions also cover BitBank software developer Pishtaz Simorgh, its parent company Dot One, and three executives.
U.S. Treasury Secretary Scott Bessent said that using cryptocurrency to finance the Iranian regime does not fall outside the jurisdiction of OFAC.
OFAC said that Hormuz Safe had received payments transferred through BitBank since June, and that the organization was sanctioned on July.
OFAC The relevant wallet addresses were not disclosed.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

Sanctions are measures by which the United States restricts certain financial activities by relevant entities. This article says that OFAC accused BitBank of transferring Bitcoin to IRGC, thereby expanding the scope of the sanctions.

Why it matters to readers

This indicates that cryptocurrency platforms may be included in U.S. sanctions actions targeting Iran-related financing activities.

Readers can therefore understand that cryptocurrency trading platforms may also face U.S. restrictions if they are accused of involvement with sanctioned entities.

Risks and unknowns

The material does not provide the relevant wallet addresses, so the flow of funds cannot be verified on that basis.
The material presents only OFAC’s account and provides no response from the sanctioned parties or independently verified information.
The material does not specify the names of the three executives.

U.S. Treasury sanctions Iranian exchange BitBank, accusing it of transferring IRGC hundreds of millions of USD Bitcoin

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